Knowing When to Downsize
December 3, 2020
Tired of constant house cleaning and snow shoveling in the winter? Is keeping up the house keeping you from doing the things you enjoy? Maybe it’s time to downsize. It can be tough to know when to downsize, but here are a few signs that it may be time.
Retirement – You said goodbye to the daily grind and hello to relaxation. This is the perfect time to reassess your living space. How much room do you really need? Do you need a different layout to accommodate a new hobby? This is also the opportunity to think about aging in place. Choosing a single-story home with the option to add adaptability features could provide you additional years in your home as you age. Consider a condominium with included maintenance that could free up your time while also removing chores that can be difficult later in life.
Unused Rooms – The kids have all moved out and now you find yourself dusting and vacuuming unused bedrooms. Bigger is not always better. At this point, a larger home is most likely just costing you money in energy bills and property taxes. Think about how you use the space in your home and what rooms you really need. You can use that as your criteria for shopping for your new, smaller home.
Family – Your kids are adults with their own families, and you want nothing more than to spend time with them, but you live too far away. If distance is keeping you from seeing your children and grandchildren, maybe now is the time to downsize. Being closer to family is an obvious plus but owning a condo with included maintenance could also free up time to travel and see family more often.
Real Estate Market – Your home has most likely appreciated in value since you purchased it, especially if you’ve been in it for many years. The real estate market is booming and there simply aren’t enough homes on the market. Are homes in your neighborhood selling fast and for a lot of money? That is a sure sign it’s time to sell and maybe look to downsize.
Lifestyle – When your kids were young, you may have socialized with neighbors as your kids played in the yard and your time was spent driving to soccer games and music lessons, but now that your kids are grown, your time is yours. Why not consider a smaller home or condo in a community that offers amenities like a pool and clubhouse and offers social opportunities? Enjoy your newfound freedom.
Knowing when it’s time to downsize isn’t always obvious and is often clouded by the emotional ties we have to our current home. However, once the move is made, you’ll quickly start to realize the benefits.